UNDERSTANDING PAYROLL SERVICES

Creating a business is easy but establishing it and keeping it alive is an enormous task that a single person cannot manage. One of the most critical, heavy, and continuous tasks is managing payroll. A business must ensure that everyone gets paid correctly according to their work done so that no disruption arises amongst employees.

 

These tasks are the most delicate and tedious as every business employee needs to receive the correct payment. There is no room for error in this task as a single error in this task can result in many problems for the business.

 

Committed services are required, known as payroll services, that come into existence to address these problems. A payroll service is a company that focuses on the payroll process, its every aspect, and rectifies any faults. In addition, a Payroll service has dedicated experts to analyze every latest rule and tax to consider while sustaining all payroll services. At the same time, provide a lucrative offer to the businessman who lacks personnel and the necessary information for managing their business payroll. 

Accounting Services

BOOKKEEPING

PAYROLL

ACCOUNTING

TAXATION

XERO

MYOB

Earlier payroll service was an ache in the neck due to the need to pass information about hours and wages for the upcoming payroll. Using digital technology, an employer can process payments from anywhere with all the required details at any time to the payroll service.

A payroll service significant advantage is that it takes all payroll responsibilities away from the business owner, which allows them to focus on other business activities. Indeed, software exists to ease the payroll system for a firm where all a business owner needs to fill in details, like wages, hours, etc., and the tax deduction and calculations would be processed by the software easing the process.

So, when do you need payroll services? For a small company, let’s say, 4-6 people, it would indeed be practical for the owner to manage payroll with the help of an Excel spreadsheet and a calculator if they are gifted with numbers. For a slightly bigger firm, 10-40 employees would need payroll software to manage the bulk calculations and repetitious tasks. When the number goes above 50 employees, then the number of entries may get out of hand, or the owners are not accustomed to handling payroll software in paying out significant amounts of funds and would require an expert.


This is the time when businesses must call for payroll services to assist. With hands-on knowledge, a business firm can now relax while delegating their workload regarding payroll to the firms providing payroll services. But before you decide on your ideal payroll service provider, do an in-depth check on the genuineness of such a provider to be hired. And of course, do check with us, Business Pillars Limited, the financial advisor in Auckland as we also provide our clients with payroll services according to their plans. Moreover, our experts and industrial experts assure you of their best service on managing your payroll in observance to payroll compliance commitments as per the New Zealand Holiday Act and Ministry of Business Innovation and Employment (MBIE)

While working with us, you can be assured of the day-to-day upkeep of your payroll registers, associated timely payroll reports, and perfect processing and filings of monthly payday return to the Inland Revenue Department (IRD). Our aim at Business Pillars Limited is that customers receive satisfaction. Therefore, we always succeed in providing our customers the services according to their needs to the best of our capabilities.

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Bookkeeping

You can create any structure you want by using the same tools as in the regular workflow. Add buttons and forms or anything else you'd want.

Being experienced with an accounting background, we can offer a wide range of reliable and accurate bookkeeping services. A common question often asked is, "What exactly does a bookkeeper do? "The answer to this question is shown below for our services as specialist bookkeepers. We can,of course, modify our services to suit the needs of your business whether you need a few of these services or all.

·      Accounts Receivable*-Invoice preparation and follow-up with the client

·      Accounts Payable* - Suppliers' invoices are processed and paid when due.

·    Bank Reconciliations -Reconciling Bank and Credit Card accounts with daily bank feeds

·     GST Filing                        - Timely filing of Bi-Monthly or Six-Monthly returns

·     System Training               - Training is required whenever you choose new software. We provide free training.

·    Accounting Software conversions – With our expertise, we can switch your accounting information to XERO/MYOB

·        Payroll

·        Unlimited Email Support

*Note:- Accounts Receivable and Accounts Payable are closely monitored to ensure that your business has no issues with cashflow

Payroll Management

Business Pillars offers all-inclusive payroll services that help your business run efficiently. We are committed to being legally compliant. Our services are built to simplify payroll processes for small to medium-sized businesses throughout New Zealand.

PAYROLL processing made easy

We provide the most updated payroll solutions tailored-made that is affordable to your requirement. We are committed to taking care of all the work demanded, allowing you to focus your time and energy on more essential things you love to do.

Our payroll services are:

·        Employees pay, On-time payments including benefits, reimbursements, deductions, Weekly/Fortnightly/Monthly

·        Employee PAYE

·        Payday Filing   – Timely filing returns to IRD

·        Leave entitlements– Accruals for each type of leave

·        Leave Payment - As per Holiday Act 2003

·        KiwiSaver contributions

·        Maintaining payroll records – payments and documentation

GST Filing

Timely Processing

We ensure that we file all GST Tax returns two weeks before the due date. We keep our clients informed before we proceed. This ensures that the client is at ease.

·        GST Filing        - Timely filing of Bi-Monthly or Six-Monthly returns

Monthly / Quarterly Advisory

The clients are in a position to process their reports from the software chosen. Based on the service requested, additional reports are also given that are not available in their chosen software. These reports enable the client to make corrective business decisions. Business Pillars reaches out to clients who require more assistance.

Monthly Management Meetings

The primary purpose of a monthly management meeting is to get the business to grow. This is either done through a phone call, zoom, or meeting in person.

Cash flow Management

Managing cashflow is a significant responsibility faced by most small businesses. We reach out to businesses making it stress-free to ride on the highs and lows of the cash flow throughout the year.

We assist in producing a cashflow statement which is a financial statement that summarizes the amount of cash entering and leaving the business. The cashflow statement measures how well the business can manage its cash position, meaning how well the business can generate cash to pay its debt commitments and fund the day-to-day operating expenses.

Budget Forecasting

Small business budgeting and forecasting

We need to get some relevant numbers to know what the future will look like regarding a business. Budgeting and forecasting will help to support this vision. Business Pillars can work alongside you to understand these basics so you can build a financially sustainable business.

What is a budget?

The budget estimates how much money will come in and go out from your business over time (usually a year). Budgeting and forecasting normally benefit all businesses and first-time startups to see if they can afford to run the business and compensate for all their hard work with a good return for their initiative.

What are the main principles of having a budget

Budgets forecast the money-making possibility of a business. It will also highlight things like:

  • How much will it cost to startup?
  • How much money is needed to borrow?
  • When will be the breakeven point?
  • How much should the customers be charged?
  • How many staff are needed?

Monthly / Quarterly Advisory

The clients are in a position to process their reports from the software chosen. Based on the service requested, additional reports are also given that are not available in their chosen software. These reports enable the client to make corrective business decisions. Business Pillars reaches out to clients who require more assistance.

Job Management

Job Management is software that supports project managers and teams to complete client requests and projects efficiently. Most professionals depend upon this job tracking software which assists them in supervising multiple sections of a business. Business Pillars are here to assist in setting up this service to track income and expenses related to service jobs.

XERO and MYOB both have the capability for Job Tracking

These are the advantages:-

·        Create quotes immediately

·        Easily track jobs from quote to invoice

·        Schedule the jobs on the go

·        Get paid quicker